The Central Bank of Nigeria has made an alteration in
exchange rate of dollar to Naira as confirmed in a communique to all banks and
Bureau De Change on Friday March 20.
The apex bank on Friday sold dollars to deposit money banks
at the rate of N380 to one dollar signaling the official return of a single
exchange rate regime in the country’s foreign exchange market.
The CBN directed banks and Bureau De Change to ensure that
the end-user sales of the Dollar should not be more than N380/1USD. The
communique was on the disbursement of the proceeds of the International Money
Transfer Operator (IMTO).
CBN's communique which backed the highest official exchange
rate between the dollar and naira in over two years, came barely a week after
the apex bank denied plan to devalue the Naira.
